Swiss Re and global insurance broker Guy Carpenter have successfully implemented joint operations for electronic data exchange in accounting and settlement, following a successful pilot. This will enable both companies to manage accounting processes between their reinsurer and broker environments throughout the world more efficiently, for the benefit of their clients.
11 Jun 2008 – While electronic business in the reinsurance industry has been developing steadily in recent years, considerable potential remains to be tapped in this area. The two companies� joint initiative aims to transform and improve operational effectiveness through the application of the latest technology while meeting strict security and confidentiality requirements.
Andreas Beerli, Member of Swiss Re�s Executive Committee, said: �This solution allows us to improve the quality of service and efficiency for clients by speeding up their accounting and reconciliation processes.�
Nick Frankland, CEO of Guy Carpenter�s European operations, added, �Guy Carpenter is pleased to announce this initiative, which clearly demonstrates our continued commitment to driving change and operational excellence in the global market.�
The data exchange between Swiss Re and Guy Carpenter is based on the ACORD and eBOT (electronic back-office transaction) standards agreed on by cedants, brokers and reinsurers. Similar electronic solutions have already been successfully implemented by a growing number of Swiss Re clients and brokers. The ACORD accounting and settlement standards allow for data exchange, with supporting documentation, between brokers and reinsurers in a controlled and auditable manner, ensuring accuracy of records between firms and improving the transaction life cycle.
Swiss Reinsurance Company Ltd
Swiss Re is a leading and highly diversified global reinsurer. The company operates through offices in more than 25 countries. Founded in Zurich, Switzerland, in 1863, Swiss Re offers financial services products that enable risk-taking essential to enterprise and progress. The company�s traditional reinsurance products and related services for property and casualty, as well as the life and health business are complemented by insurance-based corporate finance solutions and supplementary services for comprehensive risk management. Swiss Re is rated �AA-� by Standard & Poor�s, �Aa2� by Moody�s and �A+� by A.M. Best. www.swissre.com
About Guy Carpenter
Guy Carpenter & Company, LLC is the world�s leading risk and reinsurance specialist and a part of the Marsh & McLennan Companies. Guy Carpenter creates and executes reinsurance solutions and makes available capital market solutions* for clients worldwide through 2,600 professionals across the globe. The firm�s full breadth of services includes 16 centers of excellence in Accident & Health, Agriculture, Alternative Risk Transfer, Environmental, General Casualty, Investment Banking*, Life & Annuity, Marine & Energy, Professional Liability, Program Manager Solutions, Property, Retrocessional, Structured Risk, Surety, Terror Risk, and Workers Compensation. In addition, Guy Carpenter�s Instrat® unit utilizes industry-leading quantitative skills and modeling tools that optimize the reinsurance decision-making process and help make the firm�s clients more successful. Guy Carpenter�s website address is www.guycarp.com.